31st Jul 2018 17:22
LONDON (Alliance News) - Angelsey Mining PLC on Tuesday posted a marginally narrowed loss in its most recent financial year due to reduced expenses.
In its financial year ended March 31 the UK-based mining company recorded a GBP278,189 loss, a change of 9% from its GBP307,968 loss the previous year. The source of the change was Anglesea's administrative costs, which dipped to GBP109,677 from GBP141,022.
At present, the mining company does not generate revenues as it is still in the exploratory stage of mining development. Parys Mountain, its copper-lead-zinc project in North Wales, is on a "path towards production" following a positive scoping study completed in July last year. No concrete timeline was provided in the company's financial statement.
"The outlook for metal prices, particularly zinc, copper and lead, which form the basis of the Parys Mountain revenue, remains very positive," said Anglesey Chairman John Kearney.
"Our objective is to phase the development and financing of Parys Mountain...completing a pre-feasibility or feasibility study and progressing Parys Mountain towards production as quickly as the necessary financing and technical timelines allow," Kearney added.
The company is also pursuing new exploration and development opportunities with a copper focus.
Shares in Anglesey Mining closed down 1.3% at 1.48 pence on Tuesday.
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